The long run is a period of time
a. during which at least one resource is fixed
b. during which all resources are variable
c. during which all resources are fixed
d. less than one year
e. greater than one year
B
Economics
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In the spring of 1994, Northwest Airlines took the independent action of reducing fares on its flights. Other competing airlines quickly matched the fare cuts. These actions might be interpreted as:
A) a noncooperative game. B) a cooperative game. C) a constant sum game. D) a competitive game.
Economics
The entrepreneur is always searching for
A) positive profit. B) normal profit. C) accounting profit. D) economic profit.
Economics